Selling this EUR/AUD resistance zone gave day traders a short term bounce, but the bearish momentum was short lived and price subsequently rallied hard through the level. Just from reading the online trading community’s thoughts, I can see plenty of chatter around about buying these pullbacks and if this is your view, then this daily support level is key. It’s certainly crunch time for the bulls. I’ve only included a single, hard line but as you can see when you look back to the left side of that chart, there is plenty of long wicks and chop here and there. That is just the price action nature of a forex cross such as EUR/AUD.
